On May 9, the latest list of cases of unconditionally approved concentration of operators released by the State Administration for Market Regulation showed that the acquisition of the equity of Beijing China Automotive Research Institute Technology Co., Ltd. by Contemporary Amperex Technology Co., Ltd. has been approved. Mr. Secretary, what are the considerations for selling the equity of Beijing China Automotive Research Institute Technology Co., Ltd.?

China Automotive Research Institute: Hello, thank you for your attention! China Automotive Research Institute and CATL have jointly established the National Market Supervision Technology Innovation Center (hereinafter referred to as the "Innovation Center"), which has been approved by the State Administration for Market Regulation. According to the establishment requirements, the innovation center must rely on a physical company to operate. Therefore, China Automotive Research Institute introduced CATL through the capital increase and reorganization of its wholly-owned subsidiary Beijing CATL Technology Co., Ltd., as an entity operation of the innovation center. This transaction plan: Beijing CATL Technology Co., Ltd. originally had a registered capital of 2.2 million, and plans to increase its capital to 7.42 million yuan, of which China Automotive Research Institute increased its capital by 2.04 million, holding 57.14% of the shares after the capital increase, and introduced the intended party CATL through listing transactions to increase its capital by 3.18 million yuan, holding 42.86% of the shares after the capital increase. Thank you!